Cost of Living in Franklin, NJ

With a cost of living index of 101, Franklin, NJ is right around the national average in cost. Living here is 1% more expensive than the national average and 27% below the New Jersey state average of 128. Franklin is a small community of 4,938 residents.

Housing costs are the biggest factor in Franklin's cost of living. The median monthly rent is $1,340 (2% above the US median of $1,319), and the median home value sits at $253,100 (17% below the national median of $304,900). At current prices, the median home costs roughly 2.8x the median household income — well within traditional affordability guidelines.

The median household income in Franklin is $90,152, which is 20% higher than the national median of $75,149. Residents spend roughly 18% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Everyday prices in the New York-Newark-Jersey City, NY-NJ (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 6 are priced higher than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.